Atlas Mining swings to profit in first half

Atlas Consolidated Mining and Development Corp. posted a P1.94 billion net income for the first six months of the year, a turnaround from the P190 million net loss seen a year ago, thanks to higher metal prices and better operations in the second quarter. 

“Metal prices rose in the second quarter this year with an average copper price higher by 70% to $4.21/lb (pound) and gold price by 10% to $1,812/ounce compared to the same period last year,” the firm told the local bourse in a regulatory filing. 

Atlas Mining said its wholly-owned subsidiary Carmen Copper Corp. reported higher copper production and shipments quarter-on-quarter on the back of improvements in grades and milling tonnage. 

Quarter-on-quarter, production of copper metal rose by 43% to 22.80 million lbs, while gold production increased by 9% to 5,829 ounces.  

However, copper production fell 28% year-on-year to 38.73 million pounds, “due mainly to the decrease in copper grades by 26%.” Gold production also slumped 51% year-on-year to 11,176 ounces, as gold grades fell.   

“Based on its improved earnings, efficient operations and positive outlook, Atlas Mining continues to improve its balance sheet,” the company said. 

Shares of Atlas Mining in the local bourse improved by 12.26% or 71 centavos to finish at P6.50 apiece on Friday.  — Angelica Y. Yang

Source: BusinessWorld